In some major California cities, the For-sale inventories dropped the most year-over-year in December 2012. Sacremento had the highest drop at 68%.
- Sacramento, Calif.: -68%
- Stockton-Lodi, Calif.: -65%
- Oakland, Calif.: -64%
- San Jose, Calif.: -52%
- Seattle-Bellevue-Everett, Wash.: -45%
- San Francisco: -43%
- Ventura, Calif.: -43%
- Riverside-San Bernardino, Calif.: -41%
- Los Angeles-Long Beach, Calif.: -40%
- Orange County, Calif.: -39%
Good for all of us? Causiously and optimistically, yes. If for sale inventories drop, then this means we could be shifting from a dominately buyer driven market to more even spread. A strong seller market indicates that homes are selling fast and sellers are getting more of their asking price. A seller market is healthier...to a point.... as long as we don't indulge in "irrational exuberance" to quote the infamous and late Fed Reserve Chairman Allan Greenspan.
